Marcus Today End of Day Podcast – Wednesday 5th July

ASX 200closed down 26 points to 7253 (-0.4%), letting go of yesterday’s gains, snapping a three-day advance. Financials weighed on the market, with significant losses in the banking sector. NAB -0.8% CBA -0.5%, ANZ -0.8% and WBC -0.7%. Big Bank Basket down to $173.81 (-0.6%). Resources and base metals were mixed, with commodity prices falling as the commodity outlook turned negative, BHP -0.4%, RIO flat, and S32 +1.1%. Energy stocks mixed as oil prices eased, AGL +2.4%, hitting a 52-week high in the morning, while STX finished flat, and WDS fell 0.4%. Lithium mostly down, Canadian lithium darling PMT jumped 15% in early trade after it flagged high-grade lithium processing  before closing up a mere 2.5%. Tech closed in positive territory, All-Tech Index up 0.2%. REITs finished higher as bond yields dipped, GMG up 0.1%.

In corporate news, UBS upgraded TLS to buy, up 1.2%. JLG, signed two agreements to acquire Smoke Alarms Australian and Link Fire Holdings. RED -4.9% despite hitting production guidance. BGL rose 4.1% on a signed agreement with GMD to process material from BGL’s mine.

In economic news, Ai Group Australian Industry Index fell to -11.9 in June from -10.9 in May. China services PMI fell to 53.9 in June from 57.1 in the previous month. Asian markets are down as weak manufacturing and services data amplified market concerns about a global economic slowdown, Japan flat, HK off 1.4%, and China down 0.6%. 10Y yield down to 4.0%. Dow Jones futures down 49 points, and Nasdaq futures down 29 points.

Why not sign up for a free trial? Get access to expert insights and research and become a better investor.

Make life simple. Invest with Marcus Today.